My mothers home has a lien against it. In the case of her death, can the bank collect any money not paid off by the sale of the home from the heirs?
2007-03-01 07:41:58 · 6 answers · asked by allenin 1 in Business & Finance ➔ Credit
Whoever placed the lien on the house must be paid before the house can be sold.
2007-03-01 07:50:41 · answer #1 · answered by s2pified 3 · 0⤊ 0⤋
Unless the bank is paid current the bank can hold a lien on the property. S2pified is right you have to pay off the lien before you can sell the house. Is the house in foreclosure? The Bank will own the house not the heirs and sell it to recover their loss often well below what the house is worth. The heirs will receive no profit when the bank sells the house. If you can, try to help mom out financially. If you don't have the funds try an investor who will buy the home quickly before the bank reclaims the property. The investor is looking for a good buy so don't expect full market value. This will give your family a chance to recover some of the equity in the home though instead of taking a total loss. Some investors may let you stay in the home and rent back so you won't have to move poor mom. If the loan or lien is in mom's name you will have to convince her that this is the best option. I recently tried to help a lady in the same situation and couldn't get through to her. I'm the investor you see, she thinks I'm just trying to take advantage. I suppose her children don't know how to help her. Her house is going up for public auction next week and she will literally be out on the street. I commend your efforts and I sincerely hope you get this figured out- GOOD LUCK!
2007-03-01 08:28:30 · answer #2 · answered by dsmilesd 1 · 0⤊ 0⤋
The bank can collect any and all money FROM THE ESTATE to satisfy your mother's debts. Any debts left over that are not paid are simply written off, and the heirs get nothing-- no debts OR inheritance.
2007-03-01 08:20:46 · answer #3 · answered by Anonymous · 0⤊ 0⤋
She stayed at home when I was little I guess so she could take care of me and my sister. She stayed home again when I was 11, I don't remember why, but she babysat other kids during the day during that time. She worked the rest of the time.
2016-03-29 05:56:00 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Yes. What you have to do is sell the house, pay-off the loan, then you get the rest minus taxes.
2007-03-01 07:46:09 · answer #5 · answered by Pluto 3 · 0⤊ 0⤋
Yes, her estate will inherit the debt.
2007-03-01 07:50:04 · answer #6 · answered by MailorderMaven 6 · 0⤊ 0⤋